Patrick Rudnick, previously a vice president in the Fund Administration division of U.S. Bancorp Fund Services, has been appointed CFO of alternative investment solution provider Direxion.
At U.S. Bancorp, Rudnick oversaw the fund servicing operations including financial reporting, compliance, board reporting and expense oversight for Direxion Funds, Direxion Shares and other clients.
"Working closely with the Direxion team during my tenure at U.S. Bancorp gave me a unique perspective and very clear strategic insight on the future of the firm," says Rudnick. "My in-depth understanding of the products and their benefits will be a vital resource for me as I work with the other members of the management team to make sound financial decisions for Direxion and the shareholders who rely on its innovative strategies."
At Direxion, Rudnick will report to Eric Falkeis, COO of Rafferty, and oversee financial, compliance and risk. He also joins Direxion's senior planning team.
Falkeis himself recently joined the firm from U.S. Bancorp, where he previously was CFO and director of ETF Operations.
Rudnick began his career as a fund accountant at U.S. Bancorp. He also was an audit manager with PricewaterhouseCoopers before rejoining U.S. Bancorp in 2006. He has a CPA and a B.A. in accounting.
"Patrick and Eric were influential in building up our leveraged ETF and mutual fund offerings into premier alternative investment solutions that can benefit both long-term investors and short-term traders alike in all types of markets," says Dan O'Neill, CEO of Rafferty. "Their expertise and commitment to providing sophisticated alternative investment strategies to investors will be invaluable as we continue to maintain and grow our product suite."